big news into asias atm business, page-2

Sydney - Tuesday - September 12: (RWE Aust Business News) -
Customers Ltd (ASX:CUS) has established a joint venture to focus
on developing and providing ATM and related services throughout Asia,
especially China.
Managing director Greg Baker said the agreement, with joint
venture investment company FCP Brencorp, fast tracks the strategic plans
to pursue growth through international expansion in the region.
The joint venture Customers ASIA will be incorporated in Hong
Kong and initially establish offices in Hong Kong and Shanghai.
The company plans to become a leading supplier of ATM and related
services in Asia, establishing a substantial foothold in the China
market.
There are currently an estimated 80,000 ATMs in China - expected
to double over the next 3-5 years.
"We will look to FCP Brencorp to provide 100pc of the early
funding for the venture in exchange for Customers' shares," Mr Baker
said.
"FCP Brencorp will make an investment in Customers to facilitate
our initial capital contribution for Customers ASIA.
"We have also entered into an option agreement that will
support drawing more funds as required on satisfactory terms and allow
Customers to acquire FCP Brencorp's 50pc of the business on acceptable
terms after the first 3 years."